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   DealBook: Microsoft stands up
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             March 11, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Is the era of corporate silence during the Trump administration officially over? Microsoft filed a court brief late yesterday supporting Anthropic’s lawsuit against the Pentagon, a momentous decision for one of the nation’s biggest companies that’s also one of the largest government contractors around. We get into the bigger implications.
         </span>
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          Also, Miami has a new resident: Howard Schultz, the former C.E.O. of Starbucks, who spent the past 44 years of his life in the Seattle area. His relocation comes amid an effort to raise taxes on wealthy individuals in Washington State. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Satya Nadella, C.E.O. of Microsoft, wearing a dark shirt, clasps his hands and turns his head to his right." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F11%252Fmultimedia%252F11db-nadella-cztf%252F11db-nadella-cztf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzMyMjc3MzIuMTk4MTA2fQ:1w0HXI:LJqn_U7iaSqvHp1_Mh62Af3gH7jpSIBX26_gzkg61As" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Satya Nadella, the C.E.O. of Microsoft, has been less visible in Washington during President Trump’s second term than some of his fellow tech chiefs.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Gian Ehrenzeller/Keystone, via Associated Press
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Microsoft’s risk calculus
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The unwritten rule of corporate America over the past year has been simple: Don’t pick a fight with this White House. For many C.E.O.s, the cost of speaking up — even when the administration hurt their interests — was simply too high.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday, Microsoft decided the cost of staying silent was higher.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company filed a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          friend-of-the-court brief
         </a>
         <span>
          in Anthropic’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lawsuit against the Trump administration
         </a>
         <span>
          , urging a federal court to temporarily block the Pentagon’s designation of the A.I. company as a supply chain risk. It is, by any measure, a remarkable act.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Microsoft is one of the largest government contractors in America.
         </span>
         <span>
          It has deep relationships across virtually every agency in Washington. And it holds billions of dollars worth of federal contracts, including:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A share of the $9 billion
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Joint Warfighting Cloud Capability contract
               </a>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                General Services Administration deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                that could offer federal agencies more than $6 billion in cloud services discounts over three years
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In other words, Microsoft has more to lose from White House retaliation than almost any company in Silicon Valley. The calculus, to some degree, appears to be that Microsoft is so embedded inside the U.S. government that it would be too costly to pursue genuine retribution.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Microsoft has a lot at stake in Anthropic’s fate.
         </span>
         <span>
          It agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest $5 billion
         </a>
         <span>
          in the A.I. company’s latest fund-raising round. As part of that partnership — the first major move by Microsoft to invest in a rival to the tech giant’s longtime A.I. partner, OpenAI — Anthropic also agreed to buy $30 billion worth of cloud services from the tech giant.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The back story:
         </span>
         <span>
          Talks between Anthropic and the Pentagon over limits on the government’s use of Claude A.I. tools for mass domestic surveillance or fully autonomous weaponry broke down last week. The administration then officially labeled Anthropic a supply chain risk — a designation normally reserved for companies linked to foreign adversaries like Russia and China — and required government contractors to stop using its services in military work.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A Pentagon official, according to Anthropic’s court filings, said the government intended to “make sure they pay a price.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Many in the tech world’s rank-and-file have sided with Anthropic.
         </span>
         <span>
          Thirty-seven engineers and researchers from OpenAI and Google, including Jeff Dean, Google’s chief scientist, filed a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          friend-of-the-court brief
         </a>
         <span>
          as well.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Microsoft’s move is a shot across the administration’s bow.
         </span>
         <span>
          Its C.E.O., Satya Nadella, has been far less visible in President Trump’s orbit than Jensen Huang of Nvidia or Tim Cook of Apple.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nadella’s approach has been quieter: He didn’t attend Trump’s inauguration, as many other tech chiefs had. He also refused to fire Lisa Monaco, a former Biden official who is now Microsoft’s president of global affairs, after Trump demanded her ouster.
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          JPMorgan Chase is said to reduce its exposure to private credit.
         </span>
         <span>
          The bank has told private credit lenders that it has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cut the value of loans in their portfolios
         </a>
         <span>
          amid worries about the credit quality of their clients, according to The Financial Times. The cut will limit how much JPMorgan lends to the groups against that collateral, a sign that Wall Street is still anxious about the sector.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Oracle shares rally on A.I. optimism.
         </span>
         <span>
          The stock
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose 10 percent
         </a>
         <span>
          in premarket trading after the company’s earnings report yesterday suggested that its large, debt-heavy investments in data centers appeared to be paying off. Revenues from cloud computing, used to train and run A.I.,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose to $8.9 billion
         </a>
         <span>
          in the three months that ended in February, above Wall Street projections; the company also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised revenue expectations for 2027
         </a>
         <span>
          above analyst projections.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The market braces for inflation data today.
         </span>
         <span>
          The Consumer Price Index for February, set for release this morning, is expected to show that headline inflation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          continued to rise
         </a>
         <span>
          ; core inflation, which excludes food and energy prices, is expected to hold steady at 2.5 percent since last year. The numbers won’t show the ramifications of the war in the Middle East, which has caused a spike in energy prices that could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          put the brakes
         </a>
         <span>
          on the Fed’s expected interest-rate cuts this year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Howard Schultz leaves Seattle for Miami.
         </span>
         <span>
          He
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          announced on LinkedIn
         </a>
         <span>
          that he had left Seattle, his home for nearly 50 years, for the East Coast for personal reasons. But the billionaire former Starbucks C.E.O. has also left Washington State as Democrats there push for a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          so-called millionaires’ tax
         </a>
         <span>
          that is expected to raise about $3.7 billion a year, amid efforts across the nation to make the wealthy pay more in taxes.
         </span>
        </p>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Crude moves
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          U.S. stock futures are gyrating this morning as energy prices remain volatile.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          The International Energy Agency has proposed that its 32 member nations release
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a record amount of crude oil
         </a>
         <span>
          — 300 million to 400 million barrels — from their strategic reserves in an effort to tamp down surging prices at the pump.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Brent crude, the global oil benchmark, rose above $92 a barrel today. That’s well below Monday’s high, but significantly above where it closed before U.S.-Israeli strikes on Iran began.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Investors’ heads are still spinning after yesterday’s trading session.
         </span>
         <span>
          Energy Secretary Chris Wright posted to social media —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          and then deleted
         </a>
         <span>
          — a claim that a Navy warship had “successfully escorted” a tanker through the Strait of Hormuz, sending oil prices spiraling. The Pentagon later said that it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          attacked 16 Iranian mine-laying vessels
         </a>
         <span>
          near the strait.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Breaking the logjam in the strait and restoring the region’s energy production to prewar levels has become a huge priority for President Trump. Things are still volatile: A British monitoring agency said three ships were
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hit by unidentified projectiles
         </a>
         <span>
          in or near the strait.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Worth watching:
         </span>
         <span>
          Saudi Aramco, the energy giant and the world’s biggest oil company, said yesterday that “in the next couple of days” it would be shipping
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          roughly seven million barrels of crude per day
         </a>
         <span>
          through pipelines to a terminal on the Red Sea. That would bypass the strait entirely.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Aramco also warned that a prolonged war would lead to “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          catastrophic consequences
         </a>
         <span>
          .”
         </span>
        </p>
        <table width="100%">
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Exclusive: Zendesk bets big on A.I. customer service
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zendesk is on an A.I. buying spree. And today, the software company is making its biggest bet so far on artificial intelligence as it announces the acquisition of Forethought, a start-up that uses artificial intelligence agents to automate customer service interactions, Niko Gallogly is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The deal is valued at north of $200 million, according to a person close to the deal, who wasn’t authorized to publicly disclose the information. It is Zendesk’s seventh and largest A.I. acquisition in the past two and a half years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A.I. has “fundamentally changed” customer service
         </span>
         <span>
          , Tom Eggemeier, Zendesk’s C.E.O., told DealBook. Zendesk expects more than 50 percent of its voice and chat customer service interactions will be done by A.I. agents this year, assisted by Forethought’s technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Zendesk was acquired in 2022 for $10.2 billion by the private equity firms Hellman &amp; Friedman and Permira. Private credit lenders including Blackstone, Blue Owl Capital and Apollo Global Management
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          provided $5 billion
         </a>
         <span>
          of debt to fund the deal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now the 19-year-old company is looking to prove to its investors — whose software bets have been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          challenged by A.I.
         </a>
         <span>
          — that it is fit for a new era.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A bet on A.I. voice:
         </span>
         <span>
          Forethought offers an A.I. product that can answer customer calls and engage in conversational phone chats. Zendesk will embed that technology into its A.I. voice service going forward. “You no longer have the urge to hit zero” when on a call with an A.I. bot, Eggemeier said. “It feels like you’re dealing with a human being.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The deal is the latest example of a software company splurging on an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A.I. acquisition
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Zendesk is leaning on Forethought to help it achieve ambitious A.I. revenue goals.
         </span>
         <span>
          By the end of last year, Zendesk said it had about $2 billion in annual revenue — roughly $200 million of which came from its A.I. products.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company has set a goal to reach $1 billion in annual revenue from its A.I. products by 2028.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          There is another reason agentic A.I. is essential for customer service platforms today:
         </span>
         <span>
          managing A.I.-to-A.I. communication. A growing number of customers are using A.I. to solve their customer service headaches, Yoni Rechtman, a partner at the venture capital firm Slow Ventures, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That, he said, is “forcing companies to adopt these tools faster.”
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260311%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzMyMjc3MzIuMTk4NTg4fQ:1w0HXI:zrtkPm8VFDiRQRX6ZnB5MUosi-8KmYJ30KEzUUszW-4" style="max-width:96px;margin-bottom:7px"/>
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           </td>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A woman's hands are shown brushing a small brown terrier, which is sticking its tongue out." class="css-xsf469" height="626" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F03%252F11%252Fmultimedia%252F11db-dog-grooming-thqc%252F11db-dog-grooming-thqc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzMyMjc3MzIuMTk4OTA1N30:1w0HXI:rDHpS_nZAn5UjJcAd8D8HFqShFJbeNgmtFGzB_ADuOY" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              As the cost of professional grooming soars, some dog owners are mastering the art at home.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Amy Lombard for The New York Times
             </span>
            </span>
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        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         DEALBOOK QUIZ
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The dog-grooming boom
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          This question comes from a recent Times article. Click an answer to see if you’re right. (The link will be free.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Pets are big business. Some 68 million U.S. households own at least one dog, according to the American Pet Products Association, and together those pet owners buy a lot of kibble, chew toys and dog sweaters.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Combine the size of that market with Americans’ growing passion for wellness and beauty products, and it only makes sense that the business of high-end pet grooming — with appointments that can cost hundreds of dollars — is on the rise among those who can afford it. Forget the “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          K-shaped economy
         </a>
         <span>
          ”; call this the K-nine economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How big is the pet grooming industry expected to be in 2026?
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $7.1 billion
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $10.8 billion
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $19.5 billion
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $32.7 billion
               </a>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
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                Nvidia has
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                invested in Thinking Machines Lab
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                , the artificial intelligence start-up Mira Murati, OpenAI’s former chief technology officer, helped found; Thinking Machines will also design A.I. systems using the chipmaker’s technology. (WSJ)
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                The activist investor Starboard Value reportedly bought a
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                $350 million stake in CarMax
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                and nominated two board members in a bid to speed the used car retailer’s turnaround. (Bloomberg)
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                creators of Moltbook
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                to finance a stock buyback, and Amazon is said to have
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                drawn $126 billion worth of interest
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                for its U.S. bond offering. (Bloomberg)
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                “Numident” and “Master Death File,”
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                to a new job. (WaPo)
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                “Raise Taxes on the Rich?
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                These Rich New Yorkers Are All for It.
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                ” (NYT)
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